Firstly, you need to decide on the performance targets you need to meet for the departmental requirements, such things as frequency range, accuracy, stability, resolution, long term drift etc. You need to look a little ahead as well, are new products in the pipe line that have specific requirements. Additionally, do you need to meet international standards for the products, if so then they may need to be calibrated annually, and be able to stay in spec over time and temperature.
In deciding on the product range, here you will get a lot of opinionated people giving a ton of advice, so I won't even try. It is probably still true that the more you spend, the better the product, but even so, there is a lot of equipment being built in places like China for the better known suppliers in places like the USA and Europe. The same companies put their in house designed equipment through the same production lines is my guess, and some of it is good in my experience.
Horowitz and Hill, in edition 3, appendix L, offer some advice, but they seem to have an unlimited budget. I have enclosed it for interest sake. Personally, I have a lot of Chinese designed gear, cheaper, and on the whole I have been very happy with it.
Don't overlook second hand gear either,
best I can offer,
Richard
